Word: rollbacks
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...unions' acceptance of what amounts to a salary rollback was indeed an unprecedented act of abnegation on the part of organizations that had known nothing but gains for the past several years. It thus may create an important pattern for future negotiations between city and unions, both in New York and elsewhere. Observed a member of Big Mac: "The union leaders have had no experience in bargaining anything away. It's an unnatural process, like a parent talking about selling a child...
Economic Ruin. Whether or not Mrs. Perón requests a leave, it was apparent that she had already lost much of her power. She staked her prestige -and that of Lopez Rega-on a rollback of union wage claims, but was beaten last month when labor wrested UP, increases of up to 145% (TIME, June 23). That defeat spelled the end for the trusted coterie of advisers on whom she had relied since coming to power...
...government meanwhile has yet to deal with the country's main problems: the near prostration of the economy and continued demands by labor. The unions, having already won ruinously high wage increases, are pressing for a rollback in prices to the levels of May 31 and a price freeze. So far, the government has not gone along with the rollback, but it did announce that a freeze would be imposed. Equally disturbing, the country's foreign exchange reserves are down to an estimated $600 million from $735 million two weeks ago. "We have reserves for two weeks more...
Windfall Profits. Also, the bill would establish an initial ceiling of $11.50 per bbl. for all oil; that would force an immediate rollback of about $1.50 per bbl. in the present price of uncontrolled crude. Then the ceiling price would be increased five cents each month through November 1978. The plan also calls for taxing oil companies' "windfall" profits and returning part of the money to the consumer, perhaps in the form of a tax rebate...
Even if the city manages to escape from the present short-term dollar crunch, in the long run New York City is obviously going to have to start cutting back. The question is how-and where. First of all, there has to be some kind of rollback of pensions. It is doubtless too late to do anything about pension contracts for people already retired or serving in the city government. But it is essential that pensions be renegotiated for new workers coming into the employ of the city. Rather than brutally lopping jobs, it would be more equitable...